Singh will use a combination of his share in the company as well as equity allocated to him as part of the planned hive-off of SpiceJet’s cargo business as security. He aims to raise about $ million from that equity, as mentioned in a report in The Economic Times. He might offload part of his stake at SpiceJet’s cargo unit once the unit is listed.

This will be Singh’s personal contribution to the SPV that will bid for the government’s entire shareholding in the airline.

People in the know informed the daily that the plans are still fluid and the final agreement might see some changes.

The budget airline informed stock exchanges on June 30 that it plans to turn its cargo business into a separate entity, subjected to shareholder approval.

Meanwhile, the government has set a deadline for August third week for the submission of financial bids for Air India.

The carrier said it will start flights on Surat-Jabalpur and Surat-Pune routes. The airlines will also be connecting the city of Surat with Jaipur, Hyderabad and Bengaluru, and Gwalior with Ahmedabad, Mumbai and Pune, the statement added. It will launch non-stop return flights on the Gwalior-Ahmedabad, Mumbai and Pune, the statement added. It will launch non-stop return flights on the Gwalior-Ahmedabad, Gwalior-Mumbai and Gwalior-Pune routes.

The budget carrier said it has also introduced flights on the Kolkata-Patna, Patna-Surat, Surat-Patna, Patna-Kolkata, Ahmedabad-Udaipur, Udaipur-Ahmedabad and Bengaluru-Kochi routes for the first time on its network.

Scheduled domestic passengers traffic was suspended in India for about two months between March 25 and May 24 last year due to the coronavirus lockdown. Since June 2020, the domestic traffic had been on a path of recovery when the second wave of the pandemic hit India during April and May this year.

The aviation sector was badly hit again during the second Covid wave. Currently, the Indian carriers are operating around 1,400 daily domestic flights.